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Financial Separation Agreement Template for Ireland

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Key Requirements PROMPT example:

Financial Separation Agreement

"I need a Financial Separation Agreement for a couple separating on March 1, 2025, where one party owns a business in Ireland and property in Spain, and we need to include provisions for the division of these assets along with standard maintenance arrangements."

Document background
The Financial Separation Agreement is a crucial legal document used in Ireland when married couples or civil partners decide to separate but do not wish to pursue an immediate divorce. This agreement provides a framework for managing the financial aspects of separation, including property division, maintenance payments, pension sharing, and debt allocation. It must comply with Irish family law legislation, including the Family Law Act 1995, Family Law (Divorce) Act 1996, and relevant constitutional provisions. The document serves as a binding contract between the parties, subject to proper independent legal advice and full financial disclosure. It's particularly important as it can later form the basis for a divorce settlement and provides certainty and protection for both parties during the separation period.
Suggested Sections

1. Parties: Identification and details of both parties to the agreement

2. Background: Brief history of the marriage/relationship, date of separation, and current living arrangements

3. Definitions: Definitions of key terms used throughout the agreement

4. Separation Declaration: Formal declaration of the parties' intention to live separately and details of the separation date

5. Independent Legal Advice: Confirmation that both parties have received independent legal advice

6. Division of Property: Detailed arrangements for the division of all property, including the family home

7. Financial Provisions: Details of any lump sum payments, periodic payments, and maintenance arrangements

8. Pension Arrangements: Division or treatment of pension entitlements

9. Debts and Liabilities: Allocation of responsibility for existing debts and future liabilities

10. Tax Matters: Agreement on tax implications and responsibilities

11. Confidentiality: Terms regarding the confidentiality of the agreement and its terms

12. Future Claims: Waiver of future claims against each other's estate

13. Variation: Circumstances under which the agreement can be varied and process for doing so

14. Governing Law: Confirmation that the agreement is governed by Irish law

15. Execution: Signature provisions and witness requirements

Optional Sections

1. Children's Maintenance: Required if there are dependent children, covering financial support arrangements

2. Education Costs: Include when there are agreements about future education expenses for children

3. Business Interests: Required if either party owns business assets that need to be addressed

4. Inheritance Rights: Include when specific arrangements are made regarding future inheritance

5. International Assets: Required if either party has assets in other jurisdictions

6. Life Insurance: Include when there are agreements about maintaining life insurance policies

7. Social Welfare: Include when arrangements affect social welfare entitlements

8. Future Property: Include when making provisions for division of future-acquired property

9. Mediation Clause: Optional clause for resolving future disputes through mediation

10. Pets: Include when arrangements need to be made for pet custody and care

Suggested Schedules

1. Schedule 1: Assets and Liabilities: Comprehensive list of all assets and liabilities of both parties

2. Schedule 2: Property Details: Detailed information about all properties owned by either party

3. Schedule 3: Pension Details: Complete information about pension schemes and their agreed division

4. Schedule 4: Business Valuations: Valuations and details of any business interests

5. Schedule 5: Payment Schedule: Detailed schedule of all agreed payments including maintenance

6. Schedule 6: Children's Expenses: Breakdown of children's expenses and payment responsibilities

7. Appendix A: Financial Disclosure: Sworn statements of financial positions from both parties

8. Appendix B: Legal Advice Certificates: Certificates from solicitors confirming independent legal advice

9. Appendix C: Valuations: Professional valuations of significant assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Legal Services

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Risk & Compliance

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Family Law Solicitor

Legal Counsel

Financial Advisor

Wealth Manager

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Pension Advisor

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